Say hello to MassDevice +3, a bite-sized view of the top three medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 3 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
AngioScore won a $20 million judgment against co-founder and former board member Eitan Konstantino, after a federal judge ruled that Konstantino violated his duties to AngioScore when he started TriReme Medical, Quattro Vascular and QT Vascular.
AngioScore, which Spectranetics acquired last year for $230 million, accused Konstantino of breaching his fiduciary duties to AngioScore by developing the TriReme’s Chocolate balloon catheter, which competed directly with AngioScore’s AngioSculpt balloon. The Chocolate device won 510(k) clearance from the FDA in June 2014. The lawsuit, filed in June 2012 in the U.S. District Court for Northern California, also accused TriReme, Quattro and QT Vascular (SGX:5I0) of abetting in Konstantino’s alleged breaches. Read more
The U.S. Defense Dept. awarded a 57-month contract worth nearly $7 million to Dean Kamen’s Deka Innovative Solutions for the sensorized prosthetic arm Deka developed.
The Deka arm is the 1st prosthetic arm to translate muscle signals into action that’s approved for the U.S. market. The device won de novo approval from the FDA in May 2014. It’s designed to perform multiple, simultaneous powered movements, controlled by electrical signals from electromyogram electrodes. The electrodes sense electrical activity in muscles near the prosthesis and send signals to a processor that translates them into movement. Read more
Allergan said that it agreed to pay $125 million up front to acquire Oculeve and its dry eye disease device program, plus unspecified commercialization milestones.
South San Francisco-based Oculeve is developing a product called OD-01, a non-invasive nasal neurostimulation device designed to increase tear production in patients with dry eye disease, Allergan said. A pair of pivotal trials are planned ahead of submission for FDA approval, expected next year, with commercialization potentially following in 2017, according to Dublin-based Allergan. Read more